Interest Savings Calculator
Enter loan balance, rate, term, and either extra monthly payment or a comparison rate/term. See total interest saved.
Interest saved
Enter values to calculate.
How it works
We compute total interest for the base scenario and for the scenario with extra payment (or lower rate). Savings = difference.
When to use it
Use it to see how much interest you save by paying extra or refinancing.
Frequently asked questions
Include refi costs?
No. Subtract closing costs from interest savings for net benefit.
Same as mortgage interest savings?
Same idea; this one works for any loan.